January 2019 Lake Forest Rent Report

Welcome to the January 2019 Lake Forest Rent Report. Lake Forest rents increased over the past month. In this report, we'll evaluate trends in the Lake Forest rental market, including comparisons to cities throughout the metro, state, and nation.

January 2019 Lake Forest Rent Report

Welcome to the January 2019 Lake Forest Rent Report. Lake Forest rents increased over the past month. In this report, we'll evaluate trends in the Lake Forest rental market, including comparisons to cities throughout the metro, state, and nation.

Lake Forest rents increase sharply over the past month

Lake Forest rents have increased 0.7% over the past month, and have increased moderately by 3.4% in comparison to the same time last year. Currently, median rents in Lake Forest stand at $1,890 for a one-bedroom apartment and $2,430 for a two-bedroom. This is the third straight month that the city has seen rent increases after a decline in September. Lake Forest's year-over-year rent growth leads the state average of 0.3%, as well as the national average of 0.9%.

Rents rising across the Los Angeles Metro

Throughout the past year, rent increases have been occurring not just in the city of Lake Forest, but across the entire metro. Of the largest 10 cities that we have data for in the Los Angeles metro, 6 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.

Lancaster has seen rents fall by 6.7% over the past year, the biggest drop in the metro. It also has the least expensive rents in the Los Angeles metro, with a two-bedroom median of $1,610.

Santa Clarita has seen the fastest rent growth in the metro, with a year-over-year increase of 3.9%. The median two-bedroom there costs $2,580, while one-bedrooms go for $2,010.

Irvine has the most expensive rents of the largest cities in the Los Angeles metro, with a two-bedroom median of $2,720; rents increased 0.2% over the past month and 0.5% over the past year.

Many large cities nationwide show more affordable rents compared to Lake Forest

As rents have increased moderately in Lake Forest, a few large cities nationwide have also seen rents grow modestly. Compared to most large cities across the country, Lake Forest is less affordable for renters.

Rents increased moderately in other cities across the state, with California as a whole logging rent growth of 0.3% over the past year. For example, rents have grown by 3.7% in San Jose, 2.4% in San Francisco, and 1.5% in San Diego.

Lake Forest's median two-bedroom rent of $2,430 is above the national average of $1,180. Nationwide, rents have grown by 0.9% over the past year compared to the 3.4% increase in Lake Forest.

While Lake Forest's rents rose moderately over the past year, many cities nationwide also saw increases, including Austin (+3.4%), Phoenix (+3.3%), and New York (+2.7%).

Renters will generally find more expensive prices in Lake Forest than most large cities. For example, Houston has a median 2BR rent of $1,030, where Lake Forest is more than twice that price.

For more information check out our
national report.
You can also access our full data for cities and counties across the U.S. at
this link.

City

Median 1BR price

Median 2BR price

M/M price change

Y/Y price change

Los Angeles

$1,360

$1,750

-0.2%

1.5%

Long Beach

$1,370

$1,760

-0.6%

0.3%

Anaheim

$1,630

$2,100

-0.6%

1.0%

Santa Ana

$1,440

$1,850

-0.4%

-0.2%

Irvine

$2,110

$2,720

0.2%

0.5%

Glendale

$1,420

$1,820

0.5%

1.9%

Huntington Beach

$1,810

$2,330

-0.7%

-0.1%

Santa Clarita

$2,010

$2,580

-0.6%

3.9%

Garden Grove

$1,630

$2,090

-0.1%

-0.3%

Lancaster

$1,250

$1,610

-8.0%

-6.7%

Palmdale

$1,450

$1,860

-8.9%

-6.0%

Pomona

$1,090

$1,400

-5.0%

-2.9%

Torrance

$1,620

$2,080

2.0%

2.5%

Pasadena

$1,630

$2,090

0.1%

0.6%

Orange

$1,780

$2,290

0.4%

1.6%

Fullerton

$1,550

$2,000

-0.2%

2.9%

El Monte

$1,450

$1,860

17.3%

18.6%

Downey

$1,560

$2,010

11.9%

12.6%

Costa Mesa

$1,840

$2,360

0.3%

1.1%

West Covina

$1,780

$2,290

0.2%

2.3%

Norwalk

$1,560

$2,010

3.1%

2.9%

Burbank

$1,640

$2,100

0.4%

-1.4%

Mission Viejo

$2,070

$2,660

-1.1%

1.9%

Santa Monica

$1,690

$2,170

0.8%

1.4%

Westminster

$1,580

$2,030

-1.7%

-1.4%

Newport Beach

$2,870

$3,680

0.8%

1.8%

Hawthorne

$1,240

$1,600

4.7%

5.3%

Lake Forest

$1,890

$2,430

0.7%

3.4%

Bellflower

$1,340

$1,720

-2.2%

-2.5%

Tustin

$1,930

$2,480

0.5%

1.3%

Redondo Beach

$1,900

$2,440

-4.2%

-4.5%

San Clemente

$2,330

$3,000

0.6%

0.5%

Laguna Niguel

$1,830

$2,350

0.6%

1.5%

Fountain Valley

$1,830

$2,350

-1.9%

0.4%

Paramount

$1,450

$1,870

-0.6%

2.1%

Placentia

$2,060

$2,650

13.3%

18.6%

Rancho Santa Margarita

$1,960

$2,510

0.5%

1.5%

Rancho Palos Verdes

$3,830

$4,920

9.8%

12.3%

Brea

$1,940

$2,490

9.2%

12.0%

Claremont

$1,400

$1,800

-2.8%

-1.9%

West Hollywood

$2,090

$2,680

2.9%

3.7%

Beverly Hills

$2,710

$3,480

-13.3%

-14.3%

San Dimas

$1,850

$2,370

0.3%

3.6%

Dana Point

$2,060

$2,650

0.3%

1.4%

Agoura Hills

$2,300

$2,960

-2.8%

1.3%

Hermosa Beach

$2,010

$2,580

-7.7%

-7.4%

Marina del Rey

$3,610

$4,640

0.2%

1.7%

See more

Methodology - Recent Updates:

Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.

Read more about our new methodology below, or see a more detailed post here.

Methodology:

Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.

Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.

About Rent Reports:

Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.

We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.